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TMI Blog2009 (2) TMI 847X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. Revenue is in appeal on the following questions. i) Whether the Honourable ITAT was correct in relying on the decision of the ITAT in the case of M/s. Uttamchand P. Jain Vs. ITO (ITAT B Branch, Mumbai s order vide ITA No.7599/Mum/2003 dated 5.5.2006 which are distinguishable on the facts of the present case? ii) Whether the Honourable ITAT was correct in relying on retraction of state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he matter? 3. The admitted facts are that the assessee under VDIS made a declaration which included assets in the form of diamonds. The assessee sold the diamonds and received consideration for the same by cheque which was duly encashed and shown in the books of accounts. The Assessing Officer sought to add the said amount in his income on the ground that the assessee was unable to prove that h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e statement addition was sought to be done.. It is also pointed out that, the reliance placed by the revenue upon the judgment of the Supreme Court in Roshan Di Hatti Vs. Commissioner of Income Tax, Delhi reported in (1977) 2 SCC 378 is totally misconceived, 5. Admittedly, the assessee had made a VDIS declaration in which diamonds were disclosed. There is no dispute that the assessee had rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on. In the instant case, the Assessing Officer was given an opportunity to produce any material in his possession to hold to the contrary. The Assessing Officer failed to comply with the said direction. In these circumstances, CIT(A) proceeded to pass the order which order came to be subsequently affirmed by the ITAT. The tribunal in the instant case has held that the assessee had disclosed the di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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